Paul Haggis chairman of Alberta Enterprise Corporation - Date/Photographer unknown.

22 February 2012

Ackman Steps Up Pressure on CP

New York New York USA - U.S. investor activist Bill Ackman is stepping up pressure on Canadian Pacific Railway Ltd., naming a sixth nominee to his alternative slate for the freight carrier's board of directors.
 
The new nominee is Paul Haggis, chairman of provincially backed Alberta Enterprise Corp., a venture capital firm that invests in technology startups.
 
"As an Albertan, I especially understand the importance of CP to Alberta and Canada's economy. CP provides a vital link to our external markets across North America and overseas," Mr. Haggis said in a statement Wednesday. "I am eager to play a role in Canadian Pacific's revival, and would be honoured to be given that opportunity by its shareholders."
 
Pershing Square is proposing to elect a minority slate of six alternative directors at CP's annual meeting on 17 May 2012 in Calgary.
 
Mr. Haggis served as CEO from 1996 to 2001 at provincially owned Alberta Treasury Branches, now called ATB Financial Inc. From 2003 to 2007, he led the Ontario Municipal Employees Retirement System, one of the country's largest pension plans. Mr. Haggis, 59, currently serves as chairman of C.A. Bancorp Inc. and is a director at Advantage Oil & Gas Ltd., Liberty Silver Corporation, and UBC Investment Management Trust Inc.
 
Pershing Square, which is now CP's largest shareholder, hired Mr. Harrison as a consultant last fall to help the hedge fund assess its potential investment in CP.
 
Brent Jang and Jacquie McNish.
 
Editor's Note:  Article partially abridged and bolding added to a portion of the text. If Hunter Harrison was indeed hired by Pershing Square as a consultant last fall does that not put him in breach of his non-compete agreement with Canadian National which apparently did not expire until 31 Dec 2011?